The churn among firms
Crude awakening: behind the surge in oil prices
The first few months of 2008 saw crude oil prices breach one barrier after another. They topped $100 a barrel for the first time on Feb. 19, then rose past $103.76 about two weeks later, surpassing the previous inflation-adjusted peak, established in 1980. In April and early May, oil prices pushed past $110 and then $120 a barrel and beyond. ; These milestones reflect a new era in oil markets. After the tumult of the early 1980s, prices remained relatively tame for two decades - in both real and nominal terms. This long stretch of stability ended in 2004, when oil topped $40 a barrel for the ...
Five years of the euro: successes and new challenges
The saving grace
Many economists agree that a country's rate of saving can be a key factor in the growth rate and living standards the country achieves. Analysts are less certain about which factors have positive and negative influences on saving, what role government should have in creating a better environment for saving, and the extent to which a country can offset the effects of low domestic saving by tapping into other countries' savings. ; Economists, bankers, and officials discussed these and other aspects of saving earlier this year at a symposium sponsored by the Federal Reserve Bank of Dallas. ...
Labor market globalization in the recession and beyond
Two types of immigration, physical (immigration that brings the workers to the work) and virtual (immigration that moves the work rather than the workers, involving the long-distance delivery of services), have contributed to globalization of the labor force over the past quarter century. In the past two years, recession has spread to most parts of the world, slowing or even reversing globalization's momentum. The slowdown has taken a toll on both physical and virtual immigration. In recovery, the long-term factors supporting cross-border integration of trade, finance and labor are likely to ...